Annual rank33
Belgium · Industrials
Cenergy Holdings
Cenergy Holdings' portfolio includes Hellenic Cables, which makes power, telecommunications and submarine cables, and Corinth Pipeworks, which manufactures steel pipes for energy infrastructure and hollow sections for construction.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
Two industrial businesses supporting energy infrastructure
Cenergy Holdings SA is the listed Belgian parent of two industrial platforms: Hellenic Cables and Corinth Pipeworks. The first combines power- and telecom-cable factories with installation partnerships; the second combines welded-pipe mills, coating and logistics. This profile attributes plants and projects to the operating company, and keeps completed references separate from contract awards, conditional frameworks and capacity still being built.
Parent and operating boundary
The listed issuer owns the platforms; its companies run the plants
Cenergy is the issuer: CENER trades on Euronext Brussels, with a secondary Euronext Athens listing. Its 2025 report assigns Hellenic Cables S.A. and its direct and indirect subsidiaries to cables, and Corinth Pipeworks S.A. plus its subsidiaries to steel pipes. The subsidiary accounts make ownership explicit: Cenergy owns 100% of Hellenic Cables and wholly owns Corinth Pipeworks. Hellenic consolidates Fulgor and Lesco plus project joint operations. Corinth's 2025 accounts provide a dated map: CPW Solar entered dissolution and liquidation on 14 October 2025, and CPW Wind did so on 13 January 2026. They also record CPW America, Warsaw Tubular Trading and wholly owned Corinth Pipeworks UK Limited, established in Q1 2026 for the Hartlepool transaction. The cables segment also includes Icme Ecab, whose Bucharest plant makes land power and telecom cables. Viohalco remains Cenergy's parent.
- Check the listed share CENER on Euronext Brussels and its secondary Euronext Athens listing
- Open the consolidated group map Direct and indirect companies inside the cables and steel-pipes segments
- Verify Hellenic Cables ownership The 100% parent interest, Fulgor, Lesco and project joint operations
- Verify Corinth Pipeworks ownership Wholly owned status and the steel-pipe segment subsidiaries
Hellenic Cables
Corinth makes the subsea lengths; Thiva closes the land route
Hellenic's range runs from array cables to 72.5 kV through HVAC export systems to 400 kV and HVDC export systems to 525 kV. In July 2026, its submarine and underground 525 kV HVDC XLPE systems successfully completed qualification for continuous operation at 80°C under CIGRE Technical Brochure 852 and, for the underground system, IEC 62895. Fulgor's Soussaki, Corinth plant makes submarine, fibre-optic, composite and special-purpose cables beside a cable-loading port; Thiva makes land power and telecom cables. Delivery runs from route survey and design through transport, laying, burial, protection, jointing and final tests. A completed reference is Hellenic Cables' Crete-Peloponnese circuit 1 interconnection: 135 km of submarine cable and 43 km of land cable, completed in 2022 as a turnkey 150 kV system, with water depths reaching 1,000 m.
- Tour the production footprint Fulgor's Corinth subsea plant and port, Thiva and the Romanian cable plant
- Compare offshore cable systems Array, dynamic, HVAC export and HVDC export cable ranges
- Follow turnkey execution Survey, design, manufacture, laying, burial, jointing and final tests
- Inspect the completed Crete-Peloponnese circuit 1 link Crete-Peloponnese circuit 1: 135 km subsea and 43 km on land, completed in 2022
- ▶ VideoWatch manufacture become installation Official English-narrated Hollandse Kust Zuid project film
- Open the 525 kV qualification Submarine and underground XLPE systems, 80°C operation and test standards
Corinth Pipeworks
Four pipe mills feed coating, testing and project logistics
At Thisvi, four welded-pipe mills - 7-inch and 26-inch HFI, 100-inch SAWH and 56-inch LSAW - sit with external and internal coating lines. Output covers onshore and offshore line pipe plus hollow structural sections; up-to-24.4-m HFI lengths are designed to reduce onsite welding and field-joint coating. The concrete-weight-coating line was commissioned and operating in 2025, adding 12-40-inch offshore-pipe coating. CPW completed its TAP pipe-production scope: 28,600 pipes covering 495 km were manufactured and coated at Thisvi on schedule. The English corporate film shows testing, coating, storage, port handling and project logistics.
- Map pipes to applications Onshore, offshore and structural requirements
- Enter the four-mill campus HFI, SAWH and LSAW lines plus coating capacity at Thisvi
- See the operating CWC line Commissioned 12-40-inch concrete weight coating at Thisvi
- Review CPW's completed TAP production 28,600 manufactured and coated pipes across 495 km
- ▶ VideoWatch the pipe-delivery system Official English-narrated film of mills, controls, coating and logistics
Strategy, geography and status
Global expansion is visible, but awards are not deliveries
The declared growth lanes are electricity networks and offshore wind for cables, and gas-transition, hydrogen and CCS pipelines for steel pipes. At 30 June 2026, the group reported about EUR 3.9 billion of backlog; its definition includes signed contracts plus work not yet enforced where a letter of award or preferred-bidder status exists, so backlog is not delivery. H1 reporting says expanded Corinth subsea capacity was fully available, additional Thiva land-cable capacity was ramping up, completing Maryland construction works by year-end remained a core priority, and Hartlepool integration and customer qualification were progressing, with further investment phased with demand. The June IPTO Lot A framework was expected to enter production in late 2027. The group reports large projects in more than 70 countries.
- Read the five strategic lanes Electricity, offshore wind, gas fuel, hydrogen and CCS across more than 70 countries
- Separate 2025 awards from delivery Backlog, awards, project execution and newly commissioned assets
- Check the H1 2026 build state Corinth and Thiva ramp-up, Maryland construction, Hartlepool integration and capex
- Read the conditional IPTO award Four island links, expected 2027 production and the notice-to-proceed condition
Official profile sources: Cenergy Holdings H1 2026 results · Cenergy Holdings Annual Report 2025
Editorial refinement, 13 September 2026: clarified construction-sector products and Icme Ecab in the cables segment, replaced the Rio-Antirrion example with the completed Crete-Peloponnese circuit 1 reference, simplified the profile heading and corrected the Corinth-Kos award heading to distinguish project endpoints from manufacturing plants. Annual ranking unchanged.
Current 2026 update
What is changing at Cenergy Holdings in 2026?
Three industrial updates emerged in August: H1 reporting confirmed Maryland construction continued, Hellenic Cables received a conditional 1 GW Greek HVDC award, and Corinth Pipeworks secured a 250 km offshore pipe package for Mozambique.
The change in one sentence
Cenergy is turning specialised factories into cross-border project systems.
One platform is linking Greek cable plants with a future US base and end-to-end HVDC delivery; the other combines large-diameter pipe and coating for deepwater gas.
Four lenses on 2026
The same four-quadrant format used in the Company profile.
01 · Maryland cable plant
Maryland is becoming the local US base for land cables
Cenergy says the Maryland factory remained under construction in H1, with EUR 49 million of capital expenditure during the period. Completing construction works by year-end was a core priority ahead of the planned start of operations. The company describes the plant as its local North American base for land cables; the H1 release does not give an operating-start date, completed customer qualification or a named anchor customer.
- Current signalEUR 49m H1 capex · construction works targeted by year-end · planned operations thereafter
- Why it mattersThe strategy adds local production, but commissioning and commercial qualification remain future gates.
- H1 factory, capex and cash update Cenergy Holdings · 2026-08-04
02 · Greek HVDC link
A 1 GW Corinth-Kos link, with contract signing subject to approvals
On 13 August, IPTO awarded Fulgor a turnkey EPCI contract for the 320 kV HVDC Corinth-Kos interconnection, valued at about EUR 1.5 billion. The scope runs converter station to converter station and includes approximately 1,260 km of submarine cable plus 30 km underground, manufactured in Corinth and Thiva. Work is expected to commence in Q4 2026 and complete in 2030, but contract signing remains subject to customary statutory conditions and approvals.
- Current signal1 GW · about EUR 1.5bn · 1,290 km of cable · 2030 completion schedule
- Why it mattersThis is not just cable manufacture: it combines design, production and installation across two plants, with conditions still separating award from full execution.
- Corinth-Kos 1 GW HVDC award Hellenic Cables · 2026-08-13
03 · Rovuma LNG
Rovuma bundles pipe and two coating steps at Thisvi
On 19 August, Corinth Pipeworks was awarded the line-pipe package for Rovuma LNG Phase 1 in Mozambique. It will manufacture about 250 km, or 120,000 tonnes, of 20-24 inch LSAW pipe at Thisvi, adding anti-corrosion and concrete-weight coating for an offshore network serving deepwater gas. Cenergy values the award at USD 200-250 million; the release does not disclose production or delivery dates.
- Current signal250 km · 120,000 tonnes · USD 200-250m · production at Thisvi
- Why it mattersThe award converts the plant's pipe and coating capabilities into one integrated export package.
- Rovuma LNG pipe and coating award Cenergy Holdings and Corinth Pipeworks · 2026-08-19
04 · What to watch
Three questions for the next disclosures
Factories and awards become value only through commissioning, contract conditions and delivery.
- Maryland openingAre construction works completed by year-end, when do commissioning and customer qualification begin, and how do working capital and cash conversion evolve after net debt rose to EUR 433 million?
- Corinth-Kos conditionsAre statutory conditions cleared and work started in Q4 2026, keeping the converter-to-converter programme on schedule for 2030?
- Rovuma deliveryWhen does Thisvi begin production, and can pipe manufacture plus both coating scopes meet the customer's undisclosed delivery schedule?
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 33 | +45% | +220% | +420% |